At a market price of $50 a batch, what quantity does Lins produce and what is the
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At a market price of $50 a batch, what quantity does Lin’s produce and what is the firm’s economic profit in the short run?
The market for cookies is perfectly competitive. The table to the right shows some cost data for Lin’s Fortune Cookies.
Transcribed Image Text:
Quantity AFC (batches per day) I 2 3 4 5 6 7 8 84.0 42.0 28.0 21.0 16.8 14.0 12.0 10.5 AVC ATC (dollars per batch) 51.00 44.00 39.00 36.00 35.20 36.00 39.00 44.50 135 86 67 57 52 50 51 55 MC 37 29 27 32 40 57 83
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For reference Lins cost curves are in Figure 152 on the next page Lin produces the quantity at ...View the full answer
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